Business And Markets

CBI: Banks Offering High Interest Face Crackdown

Banks were given two weeks to stop offering higher interest rates. It was reported last week that the dossier on one bank was finalized while five others had been in breach of CBI regulations
CBI: Banks Offering High Interest Face Crackdown
CBI: Banks Offering High Interest Face Crackdown

The Central Bank of Iran has sent an ultimatum to all banks to comply with interest rates on deposits approved by the Money and Credit Council, the top decision-making body of financial markets. 
In a letter to bank CEOs, published by the CBI-affiliated news service IBENA, it said despite warnings some banks continue to offer interest higher than the announced caps. 
"This is the last and final warning to unruly banks….they will face the banking law enforcement board if they fail to play by the rules," the regulator said rather unambiguously. 


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